Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various bioactive molecules. It is particularly valuable in the development of drugs targeting neurological disorders, such as Alzheimer's disease and depression, due to its structural similarity to indole alkaloids, which are known for their neuroactive properties. Additionally, it is utilized in the creation of heterocyclic compounds that exhibit potential anti-inflammatory and anticancer activities. Its versatile structure allows for modifications to enhance drug efficacy and selectivity in therapeutic applications.